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20100901
20100930
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KPIX (CBS) 1
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CBS
Sep 13, 2010 5:30pm PDT
-class neighborhood in northern virginia, the president came down strongly on the side of middle income americans. >> they should definitely get an extension of the tax cuts that were instituted in 2001/2003. >> reporter: but he was just as adamant about not extending the bush tax cuts for upper incomes. >> to do it we'd have to borrow $700 billion over the course of ten years. and we just can't afford it. >> reporter: under the president's plan, the bush tax cuts would be extended permanently for couples making less than $250,000 a year and for individuals making less than $200,000. what does that mean for the middle-class? those earning between $50,000 and $75,000 would avoid a tax increase of more than $1,100 a year. those between $75,000 and $100,000 would avoid an increase of more than $1,800. but the wealthy would get hard. the 315,000 american households but the wealthy would get hit hard. the 315,000 american households that make more than a million dollars a year would see their tax bills rise on average by more than $100,000. house republican leader john boehner stunned members of both
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